NEWARK, DE-American Financial Realty Trust, the Jenkintown, PA-based trust that acquires properties from financial institutions, has closed one of the biggest holes in its portfolio with a newly signed 115,664-sf lease by an affiliate of Comcast Corp. Wills Elliman and Neal Dangello of GVA Smith Mack represented American Financial. David Fahey and Marcus Policarpo with Binswanger represented Comcast.

The newly signed triple net deal at 300 N. Wakefield Dr. here extends over the next 10 years. A spokesman for AFR declined to give the asking rate of the facility but he did tell GlobeSt.com that the lease contains yearly rent bumps.

Comcast will be making some modifications to the building, he continues. “But the primary reason why they chose this building was because it was a perfect match for their expanding customer needs.” The building includes in-place workstations and furniture, as well as 700 parking spaces and three 1,000 KVA back-up generators.

The space was a former call center for Bank of America that AFR acquired in October 2004 as part of a 7.3-million-sf portfolio that included 248 properties, 191 of which were bank branches, and 57 office buildings. Bank of America occupied 300 N. Wakefield Dr until Dec. 31, the spokesman says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.